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The UAE is the fourth-largest hub globally for Islamic fintech with a total of 12 startups operating in this space. But the country's keen focus on startups and technologies will soon challenge the supremacy of the top three players.

Islamic finance is “a significant growth area” for both the State of Qatar and the Qatar Financial Centre (QFC), according to QFC CEO Yousuf Mohamed al-Jaida, who also cited potential partnerships with Muslim countries, particularly in the Southeast Asian region.

Under a proposal by the IMF's executive board, guidance issued by the Malaysia-based Islamic Financial Services Board (IFSB) would be incorporated into IMF assessments to address the regulation and supervision of Islamic banks.